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Peak earning yeas doesn't matter near as much as how much you spend. If you try to live a typical middle class lifestyle on a typical middle class income, you'll have problems saving, because you're spending so much money "keeping up." The only guaranteed way to save for retirement is cut expenditures and forget buying all the junk that most average Americans spend all their income on. So forget new cars, leasing Beemers, or a big Lexus. Drive used cars with lots of miles, eat out as little as is possible, cook meals at home, buy a smaller house, with lower taxes and upkeep expenses, find out how to vacation on the cheap, cut back on the jewelry, purses, shoes, new outfits, and guys, a toy is fine, not a garage full of boats, ATV's etc. The big keys are what you spend and what you save. I've read stories of guys who made minimum wage and yet had their houses paid for and money in the bank, because they were cheap, thrifty, frugal.
Peak earning yeas doesn't matter near as much as how much you spend. If you try to live a typical middle class lifestyle on a typical middle class income, you'll have problems saving, because you're spending so much money "keeping up." The only guaranteed way to save for retirement is cut expenditures and forget buying all the junk that most average Americans spend all their income on. So forget new cars, leasing Beemers, or a big Lexus. Drive used cars with lots of miles, eat out as little as is possible, cook meals at home, buy a smaller house, with lower taxes and upkeep expenses, find out how to vacation on the cheap, cut back on the jewelry, purses, shoes, new outfits, and guys, a toy is fine, not a garage full of boats, ATV's etc. The big keys are what you spend and what you save. I've read stories of guys who made minimum wage and yet had their houses paid for and money in the bank, because they were cheap, thrifty, frugal.
Precisely - don't buy a depreciating item on credit unless it is absolutely unavoidable. Pay cash for the boat, etc. and don't deplete your emergency fund to do it.
The keeping up and the more more more thing is going to sink me for awhile with a bad job fit. Had I not spend like I had, I'd have at least had a fighting chance from this setback.
Buy a Tri-plex house. One structure with three apartments in it. Move into one unit, and rent out the other two.
Find a handy-man you trust to be on-call for repairs.
Beyond the closing costs, you will never make a single mortgage payment from your earnings. The money for monthly payments will flow from the tenants. This gives you a better standing of financial independence.
If you decide to rent to college students, you will always have young people around to help trimming shrubs or moving furniture, etc.
Buy a Tri-plex house. One structure with three apartments in it. Move into one unit, and rent out the other two.
Find a handy-man you trust to be on-call for repairs.
Beyond the closing costs, you will never make a single mortgage payment from your earnings. The money for monthly payments will flow from the tenants. This gives you a better standing of financial independence.
If you decide to rent to college students, you will always have young people around to help trimming shrubs or moving furniture, etc.
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Many times on Judge Judy there is a landlord trying to recoup damage done by tenants prior to moving out.
When it involves college students, many times her reply to the landlord is........."what did you expect when you rent to young college kids " ?
Buy a Tri-plex house. One structure with three apartments in it. Move into one unit, and rent out the other two.
Find a handy-man you trust to be on-call for repairs.
Beyond the closing costs, you will never make a single mortgage payment from your earnings. The money for monthly payments will flow from the tenants. This gives you a better standing of financial independence.
If you decide to rent to college students, you will always have young people around to help trimming shrubs or moving furniture, etc.
Like they say - LOCATION! The first question to ask is what is happening in my location. Renter or landlord market? Does one WANT to be a landlord? And, live right next/attached to your renter? Do you really want to hope that your tenants help trim shrubs or move furniture????
I live in a seller's (and landlord) market. But good luck in finding a RELIABLE, let alone trustworthy and capable handy man. Shoot - the trades are dying for decent workers here.
I'm 57 and bought my first house 3 years ago because it was much cheaper than renting. I previously lived in SF so buying wasn't an option until I relocated. And if I listened to those who say don't get a 30 year mortgage (horrors!) at your age, I'd not be sitting on a townhouse that has doubled in price in 3 years. So like they say - location location location.
Buy a Tri-plex house. One structure with three apartments in it. Move into one unit, and rent out the other two.
Find a handy-man you trust to be on-call for repairs.
Beyond the closing costs, you will never make a single mortgage payment from your earnings. The money for monthly payments will flow from the tenants. This gives you a better standing of financial independence.
If you decide to rent to college students, you will always have young people around to help trimming shrubs or moving furniture, etc.
This works better sometimes than others. Many people make bad, bad "pets".
Submariner, how did you vet your tenants? Or did you just stick with Navy towns and rent to sailors, who generally do pay their bills and don't trash the place?
This works better sometimes than others. Many people make bad, bad "pets".
Submariner, how did you vet your tenants? Or did you just stick with Navy towns and rent to sailors, who generally do pay their bills and don't trash the place?
As a sailor I lived near Navy bases, the easiest tenants to find were sailors. One property we had also had a high percentage of Air Force, so we rented to AF personnel also. There was a huge difference in take-home pay that was shocking, but it worked out.
Any time you have problems with a sailor not paying his rent, you contact his CMC and rent money is paid immediately.
Thank you all for advice and the alternate options.
Rent higher than mortgage and rising prices are both reason why I'm considering buying. And yes, location is everything.
My son and DIL are financially responsible people. I renewed my current lease a few weeks ago, so we will have at least months to work out all potential scenarios.
I'll have to check back in to let you guys which direction I chose.
First off welcome to the board livelife. There are a number of us here from the DC area for whatever reason.
I have also researched reverse mortgages and have learned that the general consensus is the fees are way too high to justify. As for sharing the house that's a tough call, too much of a good thing may not be best.
First off welcome to the board livelife. There are a number of us here from the DC area for whatever reason.
I have also researched reverse mortgages and have learned that the general consensus is the fees are way too high to justify. As for sharing the house that's a tough call, too much of a good thing may not be best.
Hi DaveinMtAiry. Thank you for welcome. I've also thought that a "good thing" may be too much. At least I am not pressured to make a move. I recently renewed the lease on my apartment. So I'll continue my research.
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